Today, Azerbaijan concluded its first ever renewable energy auction with technical assistance from the European Bank for Reconstruction and Development (EBRD). The outcome of the competitive auction was announced at the United Nations Climate Change Conference in Baku (COP29).
Parviz Shahbazov, Minister of Energy of Azerbaijan, ran the auction, where Universal International Holding Limited submitted the lowest bid, with a competitive tariff of US$ 3.540 cents per kilowatt-hour (kWh). The company will now start working towards commissioning a 100 megawatt (MW) solar power plant in Azerbaijan’s Garadagh region.
Alkis Vryenios Drakinos, the EBRD’s Regional Head for the Caucasus, said: “This is a great way to wrap up the EBRD’s work at COP29 in Baku. Having surpassed one gigawatt mark in financed green energy and following our consistent policy engagement with the authorities, our assistance with renewables auctions in Azerbaijan has today produced game changing success.”
The EBRD has been supporting the country’s decarbonisation agenda for a number of years through financing, technical assistance and policy dialogue. The Bank has advised Azerbaijan on several reform initiatives, including implementation of the enabling framework for competitive bidding.
